206 Central Avenue, London, ON

$2,195,000

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11

Beds

7

Baths

3,506

Square feet

About 206 Central Avenue

FABULOUS PROPERTY ON RICHMOND ROW. CAP RATE APPROXIMATELY 5 1/2%. CAN BE BOUGHT WITH $400,000 DOWN. ANCHOR TENANT ON MAIN LEVEL IS BURRITO BOYZ. 4 LUXURY APARTMENTS WITH 11 BEDROOMS IN TOTAL. HIGH END LUXURY FINISHES. ASSUMABLE MORTGAGE OF $1,248,000 @ 5.35% TILL NOVEMBER 2025. LOCATED JUST STEPS OFF RICHMOND, WEST ON CENTRAL WITH LOTS OF PARKING IN THE BACK. RARE OPPORTUNITY TO OWN A LUXURY BUILDING IN THE HEART OF RICHMOND ROW. GROSS INCOME OVER $160.000 A YEAR. BURRITO BOYZ HAVE SIGNED A NEW FIVE YEAR LEASE WITH A FURTHER FIVE YEAR OPTION. LAMINATE FLOORS. CERAMIC, QUARTZ COUNTERTOPS. ALL STAINLESS STEEL APPLIANCES. 4 BEDROOM UNITS HAVE 2 FULL BATHS. CONTROLLED ENTRY. RENTAL INFORMATION AND EXPENSES IN DOCUMENT.BURRITO BOYZ CURRENT RENT $3,245 A MONTH=$38,940/YEAR. JUNE 1,2023 INCREASES TO $3,595/MONTH=$43,140/YEAR. JUNE 1,2028 INCREASES $3.975./MONTH=$47.700/YEAR PLUS THEY PAY THEIR SHARE OF PROPERTY TAXES. WITH $400,000 DOWN, SELLER WILL DO A ONE YEAR VTB @ 3.9% INTEREST ONLY FOR THE BALANCE BETWEEN THE FIRST MORTGAGE AND THE PURCHASE PRICE. VENDOR IS RETIRING.

Features of 206 Central Avenue

MLS® # 40247948
Price $2,195,000
Bedrooms 11
Bathrooms 7.00
Square Footage 3,506
Type Residential Income
Sub-Type Multi-5 Unit
Status Active

Community Information

Address 206 Central Avenue
Area East
Subdivision East F
City London
County Middlesex
Province ON
Postal Code N6A 1M7

Amenities

Utilities Electricity Connected, Garbage/Sanitary Collection, Natural Gas Connected, Recycling Pickup
Parking Spaces 9
Parking Asphalt
Is Waterfront No
Has Pool No

Interior

Interior Features High Speed Internet, Separate Hydro Meters
Appliances Instant Hot Water, Microwave, Dishwasher, Dryer, Refrigerator, Stove, Washer
Heating Baseboard, Electric, Forced Air, Natural Gas
Cooling Central Air
Fireplace Yes
# of Fireplaces 4
Fireplaces Electric
# of Stories 3
Has Basement Yes
Basement Partial, Finished

Exterior

Lot Description Urban, Rectangular, Business Centre, City Lot, High Traffic Area, Park, Public Transit, Shopping Nearby
Roof Asphalt Shing
Construction Stucco
Foundation Concrete Perimeter

Additional Information

Days on Market 69

Listing Details

AgentEdward J P Milani
OfficeSUTTON GROUP - SELECT REALTY INC., BROKERAGE

Listing Map

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